Almaty, 10 November 2011. The agreement between the Eurasian Development Bank (EDB) and the Government of the Kyrgyz Republic on the EDB’s presence in the country has taken effect. The Bank has notified the Kyrgyz Ministry of Foreign Affairs about this in accordance with the EDB’s Charter after it had received official documents about the completion of the ratification procedure.
The agreement was signed on 14 September 2011. On 18 October, Kyrgyzstan’s transition-period President Roza Otunbayeva signed the law ratifying the agreement after it has been approved by the country’s parliament.
The agreement on the EDB’s presence in Kyrgyzstan authorises the Bank to open a representative office in Bishkek and begin work on investment projects in the country.
In accordance with the agreement, the EDB, as an international organisation, has a status of the international legal entity with international legal capacity and the rights of a legal entity in Kyrgyzstan.
“The joining of Kyrgyzstan to the EDB will have a significant economic effect on the country,” said Igor Finogenov, Chairman of the EDB Executive Board. “With access to the EDB’s resources and project experience in other member states, the country can launch large investment projects to improve its economic sustainability and diversification.”
Kyrgyzstan joined the Agreement Establishing the EDB in October 2010. In June 2011, the EDB Council considered its application and approved its membership of the Bank. In August, the country paid its share in the EDB’s authorised capital and became the Bank’s sixth fully-fledged member state.
